Kilted Strength Meter v2.0
KILTED STRENGTH METER v2.0
Description: Uses the Average Directional Index (ADX) standard values however observes the following strategy, to assist with trade setups and providing confluence:
SETTINGS AND EXPLANATION
1. There is an entry line to identify a trend entering mode which is the setting "ADX Entry", for which a trade is being setup and preset at 20 as a good entry point default
2. There is an exit line to identify when the trend is ending which is the setting "ADX Exit", for which an existing trade should be reviewed for taking profit for when the bull(blue line) or bear(red line) crosses this line
3. When the signal line is below 20 (thick white line) then we are moving sideways and don't want to trade
4. When we cross the ADX entry Line we determine if it's an uptrend (using blue line also above ADX entry), or downtrend (using red above ADX entry). When this event occurs we paint a small white dot to signal a setup may be presenting for setup
TRADE STRATEGY SETUPS
1. The LARGE dots only appear when a BUY or SELL signals presents itself which is when the ADX is combined with the RSI indicator which is outlined below
2. The small dots only appear when a BUY or SELL presents a trade entry to be used with confirmation with other strategies, as a tool for confluence
BUY :
1. we have a small white dot with a large BLUE dot (ADX showing an uptrend and we have an overbought RSI reading which is exactly what we want, which is buyers stepping in pushing the RSI over the 70 level which is what we use for confluence)
SELL :
1. we have small white dot with a LARGE RED dot (ADX showing a down trend and we have an oversold RSI reading which is exactly what we want which is sellers stepping in pushing the RSI below the 30 level which is what we use for confluence)
ALERTS
- BUY AND SELL alerts are coded into the indicator so that you don't need to stare at charts and can receive an alert once the BUY and SELL dots are triggered.
- EXIT alerts are also code into the indicator so that you can be notified when a trend has run and is now seeing exhaustion and look to go in the opposite direction. Remember EVERYBODY talks about finding great entries and signals but don’t mention when is a good time to get out which should be part of all good strategies.
Description: Uses the Average Directional Index (ADX) standard values however observes the following strategy, to assist with trade setups and providing confluence:
SETTINGS AND EXPLANATION
1. There is an entry line to identify a trend entering mode which is the setting "ADX Entry", for which a trade is being setup and preset at 20 as a good entry point default
2. There is an exit line to identify when the trend is ending which is the setting "ADX Exit", for which an existing trade should be reviewed for taking profit for when the bull(blue line) or bear(red line) crosses this line
3. When the signal line is below 20 (thick white line) then we are moving sideways and don't want to trade
4. When we cross the ADX entry Line we determine if it's an uptrend (using blue line also above ADX entry), or downtrend (using red above ADX entry). When this event occurs we paint a small white dot to signal a setup may be presenting for setup
TRADE STRATEGY SETUPS
1. The LARGE dots only appear when a BUY or SELL signals presents itself which is when the ADX is combined with the RSI indicator which is outlined below
2. The small dots only appear when a BUY or SELL presents a trade entry to be used with confirmation with other strategies, as a tool for confluence
BUY :
1. we have a small white dot with a large BLUE dot (ADX showing an uptrend and we have an overbought RSI reading which is exactly what we want, which is buyers stepping in pushing the RSI over the 70 level which is what we use for confluence)
SELL :
1. we have small white dot with a LARGE RED dot (ADX showing a down trend and we have an oversold RSI reading which is exactly what we want which is sellers stepping in pushing the RSI below the 30 level which is what we use for confluence)
ALERTS
- BUY AND SELL alerts are coded into the indicator so that you don't need to stare at charts and can receive an alert once the BUY and SELL dots are triggered.
- EXIT alerts are also code into the indicator so that you can be notified when a trend has run and is now seeing exhaustion and look to go in the opposite direction. Remember EVERYBODY talks about finding great entries and signals but don’t mention when is a good time to get out which should be part of all good strategies.
Note di rilascio:
UPDATES
18-May-2020 :
- Coded in alerts for white, blue and red dots with the most significant being white dots as they indicate the start of a trend after coming out a period of consolidation.
18-May-2020 :
- Coded in alerts for white, blue and red dots with the most significant being white dots as they indicate the start of a trend after coming out a period of consolidation.
Note di rilascio:
We have added 2 new options for configuaration
1. Show TimeFrame Detail :- this shows a detailed view of whether price is moving up, down or sideways which helps with breakouts after say a period of consolidation
2. Show TimeFrame Summary :- this by DEFAULT will be switched ON and will display price action in general with a flag for up, down or sideways which is designed for when you have say say three windows up for multi-timeframe analysis. It's main purpose is for using confirmation on bias to upside, downside or sideways across your chosen timeframes so that this can be seen at a glance
1. Show TimeFrame Detail :- this shows a detailed view of whether price is moving up, down or sideways which helps with breakouts after say a period of consolidation
2. Show TimeFrame Summary :- this by DEFAULT will be switched ON and will display price action in general with a flag for up, down or sideways which is designed for when you have say say three windows up for multi-timeframe analysis. It's main purpose is for using confirmation on bias to upside, downside or sideways across your chosen timeframes so that this can be seen at a glance
email us at : kiltedtrading@gmail.com if you would like access to any of our indicators